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Britain’s gross domestic product (GDP) is expected to contract by up to 30%, according to Finance Minister Rishi Sunak. The forecast was disclosed to his colleagues as members of the cabinet demanded to ease lockdown restrictions amid the coronavirus pandemic.
According to reports that the Times newspaper released, Sunak told his colleagues that a 25% to 30% decline in GDP is possible in the second quarter of the year. Moreover, ten ministers forwarded a motion to ease lockdown restrictions next month. The identity of those ministers weren’t revealed.
“It’s important that we don’t end up doing more damage with the lockdown. We’re looking at another three weeks of lockdown and then we can start to ease it,” one minister said.
The prediction had increased up to 30% from analysts’ original forecast of 14% as figures suggest that the UK economy is heading towards a sharp recession due to the coronavirus pandemic.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...
KYC Policy